Loan Servicing
Investment ID: 018-000003134
Overview
Program Title
Loan Servicing
Agency
Description
Currently, the Department contracts with 8 Direct Loan servicers to provide borrower services for the Federal Direct Loan and TEACH Grant programs, as well as for Federal Family Education Loans held by the government. All servicing contracts provide ED with the ability to service student aid debt. This includes but is not limited to informing the borrowers of repayment obligations, repayment plans, notification of status changes, collecting payments on debt (loan or grant overpayments), reporting repayment and enrollment information to ED, performing due diligence on delinquent loans, reporting delinquent loans, and maintain various repayment options for borrowers.
Type of Program
Major IT Investments
Multi-Agency Category
None